CashKaro, a platform for cashback and coupons, said that it had raised 130 crores (about $15.7 million) in a Series C fundraising round that was spearheaded by Affle Global Pte. Ltd. Ratan Tata, chairman emeritus of Tata Sons, supports the platform, which is run by Pouring Pounds India Pvt Ltd.
This investment was made in Pouring Pounds UK, the parent company of Pouring Pounds India, by Affle Global, a fully-owned subsidiary of Affle Holdings Pte Ltd. The funding round’s lone participant was it.
The firm intends to use this funding to scale up user acquisition, marketing, growth into other business sectors, product development, and recruiting new talent, according to Swati Bhargava, co-founder of CashKaro and EarnKaro, a separate business operated by Pouring Pounds India.
“This investment would strategically strengthen our unique business-to-consumer (B2C) engagement model as we scale CashKaro from our current 20 million user base to 100 million+ over the next few years. This deal will augment our position as the largest savings destination in India that provides the best deals, price comparison, coupons, and highest Cashback to our members and enable us to offer more data-driven solutions to online shoppers in India,” said Rohan Bhargava, another co-founder of the cashback platform.
The business has reportedly raised around 125 crores through prior investment rounds, according to its statement. In September 2020, Korea Investment Partners led a $10 million Series B fundraising round for the B2C platform. CashKaro received $4 million in Series A fundraising in November 2015 from Kalaari Capital and preexisting investors.
The company recorded revenues of 225 crores for FY22 as opposed to 97 crores for FY21 in June. It has aspirations to increase hiring and quadruple its revenue for the current fiscal year.
In February 2011, Swati and Rohan Bhargava, both London School of Economics graduates, established CashKaro. Through a number of applications, including CashKaro, EarnKaro, CashKaro shops, and BankKaro, the B2C brand provides its clients with discounts, price comparisons, and bargains. With its offerings being made available on more than 1,500 e-commerce websites, it claims to have more than 20 million consumers on its platform. Platforms like Amazon, Flipkart, Myntra, and brands like Mamaearth, Boat, Tata 1mg, and Nykaa are just a few of the companies it has partnered with.